OCT 23 THURSDAY
Crude Oil Rises Before OPEC Meeting to Discuss
Production Cuts .
Crude oil rose in New York, rebounding from a 16-month low,
before a meeting of the Organization of Petroleum Exporting
Countries to discuss production cuts.
OPEC may cut output by more than the expected 1 million
barrels a day predicted by analysts in a Bloomberg News
survey when they meet tomorrow in Vienna.
Crude oil for December delivery rose as much as $1.06, or
1.6 percent, to $67.81 a barrel on the New York Mercantile
Exchange. It was at $67.60 a barrel at 8:24 a.m. Singapore
time. Yesterday, crude oil futures fell $5.43 to $66.75 a
barrel in New York, the lowest settlement since June
13, 2007.
Prices, which have tumbled 55 percent since reaching a record
$147.27 on July 11, are down 24 percent from a year ago.
Brent crude oil for December settlement rose as much as
95 cents, or 1.5 percent, to $65.47 a barrel on London's
ICE Futures Europe exchange. It was at $65.42 a barrel
at 8:39 a.m. Singapore time. The contract fell yesterday
$5.20, or 7.5 percent, to $64.52 a barrel, the lowest close
since May 7, 2007.
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